Gagasan Nadi inks affordable housing deal

From left: Kwasa Land Sdn Bhd senior general manager of corporate services Nor Hazqiah Che Idris, Kwasa Land managing director Adenan Md Yusof, Gagasan Nadi Cergas Bhd group managing director Wan Azman Wan Kamal and Nadi Emery Sdn Bhd executive director of property development WM Faris W Omar.

PETALING JAYA: Gagasan Nadi Cergas Bhd has signed two development rights agreements (DRAs) to build affordable housing under the Rumah Idaman programme in the Kwasa Damansara township, with a gross development value (GDV) of RM1bil.

In a statement, Gagasan said its subsidiary – Nadi Emery Sdn Bhd (NESB) – had signed the DRAs with Kwasa Development (13) Sdn Bhd (KD13), a wholly owned subsidiary of Kwasa Land Sdn Bhd.

The agreement will entail the design and development of 3,990 units of affordable housing covering two parcels of land with a combined land size of approximately 39.12 acres.

“The DRA was arrived through a competitive tender process.

“It considered the development’s potential and prospects for affordable housing in the locality of Sungai Buloh, Selangor; the land’s proximity to the Kwasa Damansara MRT station; competitive yet affordable market value range with strict conditions placed to only develop affordable residential housing; and the projected RM1bil GDV to be generated from the development,” Gagasan said.

The first phase of the development is expected to commence in the third quarter of 2022, and is slated to be completed by the end of 2024.

Priced at RM250,000, each unit will have an approximately 1,000 sq ft built-up area and will feature three bedrooms and two bathrooms. Gagasan Nadi Cergas will fund the entire development through a combination of internally generated funds and bank borrowings.

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